Single family major upgrade and addition.

[Philip L Hawkins]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $160,000
Sale price: $489,000

Major renovation and 1,200 S.f addition on quarter acre, corner hillside site.
Original house was a 1970 stucco bungelow 2bdr/2ba
End result was a 4bdr/4ba custom architectural home including a single common wall self contained 400s.f. permitted, rentable guest house.
New 2-car garage with workshop and new full RV hook-ups

What made you interested in investing in this type of deal?

One of the least expensive homes in the area.
Incredibly strong public schools.
Corner hillside site 13 ft. above the street with a tree-line view.

How did you find this deal and how did you negotiate it?

Local realtor
Not much negotiation, deal was close to asking price

How did you add value to the deal?

Major renovation and 1,200 S.f addition on quarter acre, corner hillside site.

Lessons learned? Challenges?

Sell sooner, missed peak of the market for personal conflicting reasons.